Latest news with #Marelli
Time of India
3 hours ago
- Business
- Time of India
Top insolvency lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61
Former Rajah & Tann managing partner Patrick Ang dies at 61 Patrick Ang, former managing partner at Rajah & Tann, one of Singapore's Big Four law firms, has died at the age of 61. The firm confirmed his death in a statement on June 14. Ng Kim Beng, managing partner at Rajah & Tann (R&T), said, 'R&T has lost a celebrated lawyer, a selfless leader, and most of all, a cherished and deeply loved friend and colleague. His sudden and unexpected passing leaves an immense void.' Also read: Marelli files for Chapter 11 bankruptcy in US as hedge funds take control Ang was a leading insolvency lawyer in Singapore, with over three decades of legal experience. He was known for his role in major corporate collapse cases including China Aviation Oil, Hin Leong, Lehman Brothers, and Swiber. He was the first Singaporean and the fourth Asian lawyer inducted into the American College of Bankruptcy , an international body of top bankruptcy and insolvency professionals. Live Events Ang became managing partner at R&T in 2019, succeeding Senior Counsel Lee Eng Beng. During his leadership, he spearheaded the law firm's regionalisation through Rajah & Tann Asia, a network of legal practices operating across Southeast Asia. He was named Managing Partner of the Year at the Asia Legal Business South-east Asia Law Awards in both 2024 and 2025. Earlier in 2025, Ang stepped down from his managing partner role but remained as vice-chairman of Rajah & Tann Asia. Contributions to law and public service recognized Minister for Law Edwin Tong paid tribute to Ang in a statement on June 14, calling him a 'formidable legal mind' and commending his 'unwavering stout heart for Singapore.' 'In my earlier years of practice, we often found ourselves on opposite sides of the table in complex restructuring matters,' Tong wrote. 'Even then, I found it impossible not to respect him.' Also read: Motherson's Marelli takeover faces US hedge fund bump Tong noted that Ang approached negotiations with 'integrity and grace,' and consistently maintained professionalism, even in difficult legal matters. Ang also contributed to Singapore's public service. He played a role in drafting the Covid-19 (Temporary Measures) Bill and was awarded the Public Service Star (Covid-19) National Day Award in recognition of his work. 'His passing is not only a profound loss to his firm, but also to the legal profession and to Singapore, which he served with quiet resolve, unwavering strength and deep purpose,' said Tong. Family and academic legacy Ang is survived by his wife, Marina Chin, Senior Counsel and joint managing partner at Tan Kok Quan Partnership, and their three daughters. His brother, Ang Peng Hwa, is a professor at the Wee Kim Wee School of Communication and Information.
Yahoo
17 hours ago
- Automotive
- Yahoo
Marelli receives US court approval to access finance and continue operations
Marelli Holdings has said it has secured court approval – as part of its US Chapter 11 bankruptcy proceedings – for a measure that it says secures 'all-normal course business operations continuing as usual'. The company has announced that it has received approvals from the US Bankruptcy Court for the District of Delaware for its 'First Day' motions related to the company's voluntary Chapter 11 petitions. The court granted interim approval to immediately access up to $519 million of $1.1 billion in debtor-in-possession financing from its lenders. Marelli said the additional capital, coupled with cash generated from the company's ongoing operations, will provide 'sufficient liquidity to support the company through the Chapter 11 process. Among other things, the court has authorized the company to continue to pay employee wages and benefits without interruption, continue programs that are integral to customer relationships and pay suppliers in full for goods and services provided on or after the filing date of June 11, 2025. 'We are pleased to have received Court approval of these important First Day motions, which will enable Marelli to continue serving our customers without interruption throughout the chapter 11 process,' said David Slump, President and Chief Executive Officer of Marelli. 'Thanks to the partnership with our lenders, we are poised to emerge from this process not just stronger, but strategically equipped for sustainable growth and innovative advancements. We extend our heartfelt gratitude to our customers and suppliers for their loyalty and commitment.' "Marelli receives US court approval to access finance and continue operations" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
a day ago
- Automotive
- Yahoo
Marelli Bankruptcy: Tariffs Crush Auto Parts Giant
The Wall Street Journal is calling it 'the first big casualty of the tariff war.' Marelli – the auto parts giant and supplier to big names like Stellantis and Nissan – has filed for bankruptcy protection. Most Read on IEN Ship Carrying 3,000 Vehicles Abandoned in Pacific Ocean Raccoon Break-In Snarls Airbus Jet Production PODCAST: Ford Sues Lawyers; Shoemaker Outsmarts Tariffs; RIP Penny Oreo Maker Mondelez Sues Aldi Known for its electronics, power train and lighting related products for the automotive industry, Marelli had reportedly been struggling with heavy debt and supply chain challenges over the past few years But when revealing its filing, company leaders identified something else. Marelli CEO David Slump cited 'macroeconomic headwinds associated with … tariffs' as the tipping point that caused the company's situation to worsen. Slump said pandemic-era supply chain issues restricted the company's access to both labor and parts, including semiconductors. The company, which invested heavily in the EV transition, was struggling with liquidity when fresh woes hit in 2025. Slump said Marelli was 'severely affected by tariffs due to its import/export-focused business and the imposition of tariffs specifically against automotive manufacturers and suppliers.' Marelli was formed in 2019 when a private equity firm merged 100-year-old Japanese parts business Magneti Marelli with a Fiat-Chrysler auto parts business. The resulting tie-up has 40,000 employees and 150+ locations in 23 countries, including the U.S. Marelli says it plans to continue operating after establishing a deal with its lenders and creditors that will bring in more than $1 billion to finance the company's restructuring. Meanwhile, the situation has led some observers to question whether Marelli is the canary in the coal mine. Bloomberg, citing the analyst firm AlixPartners, recently suggested that the automotive industry is the global sector 'most vulnerable to financial distress' this year. Click here to subscribe to our daily newsletter featuring breaking manufacturing industry news. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Auto Blog
a day ago
- Automotive
- Auto Blog
Major Nissan Supplier Files for Chapter 11 Bankruptcy
The tier-one supplier cites tariffs, COVID, and the failing to adapt to the EV market as the reasons for its downfall. A perfect storm In a move that emphasizes the financial pressures faced by major global auto suppliers, one of the largest tier-one suppliers in the world has recently filed for Chapter 11 bankruptcy protection in the United States. Marelli supplies lighting systems, electronics, and other critical components to automakers like Nissan, Jeep, Dodge, and Ram. Its parent company, Stellantis, said in its court filings on June 11 that it faced a perfect storm of pandemic-related disruptions, global tariffs, and industry-wide shifts toward electrification prior to its decision to file. 0:02 / 0:09 2025 Ford Maverick: 4 reasons to love it, 2 reasons to think twice Watch More A picture taken on October 22, 2018, in Corbetta, west of Milan, shows the headquarters of the Italian multinational company Magneti Marelli. — Source: Getty Images COVID, semiconductor shortage, and tariffs affected the company For an industry used to navigating cyclical turbulence, Marelli's story reflects just how volatile the landscape has become after the COVID-19 pandemic in 2020. In court documents, Marelli CEO David Slump pointed to long-running disruptions that occurred during the pandemic, including labor shortages and difficulty sourcing raw materials. As if that wasn't a huge problem already, Marelli also got caught up in the global semiconductor shortage, which limited production and halted factories of major automakers and their suppliers. However, Slump says that the final nail in Marelli's coffin was the impact of wide-reaching auto industry tariffs that were imposed earlier this year. Back in March, the Trump Administration announced a new round of levies on imported vehicles and auto parts. For a company like Marelli—formed from the 2019 merger of Fiat Chrysler's parts division, Magneti Marelli, and Calsonic Kansein, a Japanese supplier owned by American private equity firm KKR, and heavily reliant on international trade—the tariffs killed any potential to recover financially. 'Marelli was severely affected by tariffs due to its import/export-focused business,' Slump said in the filing. 'Macroeconomic headwinds associated with the imposition of tariffs in countries around the world' worsened the company's liquidity at a critical time. Nissan Oppama Plant — Source: Nissan Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Marelli tried to adapt to EV demand As automakers shifted resources toward electric vehicles, suppliers like Marelli became involved in a capital-intensive rat race to retool and adapt to a fast-changing marketplace. Billions were spent across the industry to create and support groundbreaking new EV platforms, but suppliers like Marelli were left with fewer orders and the financial burden when EV demand slowed and automakers adjusted or delayed their EV timelines to react to the market. Marelli's Chapter 11 filing is a warning of what's ahead for others in the space. The supplier landscape is changing amid uncertainty and shifting trends in powertrain electrification, and suppliers operate on tight margins. Companies like Marelli feel financial pressure without consistent production volumes or stable regulatory environments. 2026 Jeep Cherokee — Source: Jeep But while Marelli is going through bankruptcy filings, it should be noted that it isn't a liquidation (liquidations occur in a Chapter 7 bankruptcy) but rather a strategic restructuring. Marelli says it intends to continue operating throughout the Chapter 11 process thanks to over $1 billion in debtor-in-possession financing from its lenders. Marelli has backing from more than 80% of its senior lenders, and its plan is to convert a large portion of the company's roughly $5 billion in debt into equity, essentially giving control of the business to its creditors. Currently, the company has some unfinished business with customers. According to Automotive News, Stellantis and Nissan are the two largest unsecured creditors listed in the bankruptcy filing. Marelli said it owes Stellantis $454 million and $313 million to Nissan. 'For Nissan, securing a stable supply chain is essential. We are committed to support Marelli to maintain its revenue generation and will coordinate with Marelli's other customers while actively monitoring the supply chain to prevent disruptions,' Nissan told AutoNews in an emailed statement. Dodge Charger Daytona Scat Pack — Source: Stellantis Final thoughts For now, Marelli insists that operations will continue, but its situation is an example of how interconnected and fragile the modern automotive ecosystem is. Tariffs, pandemics, supply shortages, and technology transitions aren't just speed bumps for automakers; they could mean life or death for the companies that keep the car industry running behind the scenes. Marelli may be the first, but it probably won't be the last. About the Author James Ochoa View Profile
Nikkei Asia
2 days ago
- Automotive
- Nikkei Asia
Letter from Nikkei Asia's editor: Why Nissan supplier Marelli's fate matters for the global auto industry
Hello from Tokyo. Japanese auto parts maker Marelli Holdings, one of the world's largest automotive suppliers, announced Wednesday that it has filed for Chapter 11 bankruptcy protection through a U.S. court. In May, the company proposed restructuring through a sale to Indian auto parts giant Motherson Group. The plan collapsed, however, due to a lack of agreement among Marelli's creditors. The company will now seek a new sponsor under court supervision. Marelli was formed in 2019 when Calsonic Kansei -- a Japanese auto parts manufacturer owned by U.S. investment firm KKR -- acquired and merged with leading Italian parts supplier Magneti Marelli. Calsonic Kansei was once a prestigious supplier affiliated with Nissan Motor, while Magneti Marelli once operated under Fiat Chrysler Automobiles (now Stellantis). Both companies were actively involved in various motorsports, so some readers may still remember the logos of Calsonic Kansei and Magneti Marelli. This is the second time Marelli has faced major debt restructuring. The company aimed to diversify its customer base through expansion after the merger, but its operations stalled when key client Nissan faced a management crisis and Stellantis' performance declined. The automotive industry is structured like a vast pyramid, with major car brands at the top and layers of parts suppliers below. Marelli's latest bankruptcy was driven primarily by the poor performance of Nissan, which stands at the top of its pyramid. If Marelli fails to recover, the effects could ripple through Nissan's production and threaten to bring down the entire industrial pyramid. Indeed, the outcome of Marelli's restructuring may have major implications for the global automotive industry. Please visit Nikkei Asia for the latest updates. My suggested reads 1. "Jumbo," a locally made animated movie, has shaken up Indonesia's film and cinema industries, becoming the No. 2 most-viewed film in the country's theaters of all time. Its success underscores the growing dominance of domestically produced movies in Southeast Asia's largest economy, ending Hollywood's reign of blockbuster supremacy. 2. It has been 10 years since Japan adopted the Corporate Governance Code, aimed at strengthening shareholder rights, enhancing disclosure and more. While progress has been gradual, listed companies have improved their capital allocation and transparency. The efforts are finally bearing fruit, with foreign investors starting to bet on corporate Japan. 3. Donald Trump has been calling on Apple to make its iPhones in the U.S. The president might not get what he wants on that front anytime soon, but AI server makers supplying Nvidia, Microsoft, Google and others have been heeding his call to onshore tech manufacturing far more quickly. 4. Come December, major social networks are supposed to block out Australians under 16 under a new law adopted last year. Although Canberra is still working on mechanisms to implement the age limit, other governments in the region and beyond are already looking at following in Australia's footsteps. 5. Nikkei joined Issey Miyake designer Makiko Minagawa on a visit to India, where for decades she has collaborated with artisans to bring the country's rich textile traditions to the global high-fashion stage. Take a tour of the craft and mastery behind their creations in this richly illustrated story. Through the lens This week's top photo pick: People stand around the debris of an Air India Boeing 787-8 Dreamliner that crashed in India's northwestern city of Ahmedabad, in Gujarat state, on June 12. The plane, carrying 242 passengers and crew, crashed into a nearby medical college hostel moments after takeoff. The lone survivor, a British national of Indian origin, is being treated in a hospital, Air India said in post on X. In a separate post, the carrier said, "We regret to inform that, of the 242 aboard, there are 241 confirmed fatalities." The Federation of All India Medical Association said that about 50 to 60 students were admitted to a hospital while up to five others were missing. (Photo by Ajit Solanki/AP) Check out more of our photo coverage here Wishing you a wonderful weekend! Akito Tanaka
